The Nasdaq is poised for further upward movement, driven by positive signals from a bullish channel pattern and robust technical indicators. Support from the Moving Average (MA) and the Moving Average Convergence Divergence (MACD) confirms that the bullish momentum remains intact, creating opportunities for the Nasdaq to test new record highs.
The Nasdaq has successfully maintained its position within the confirmed bullish channel, with prices moving consistently between the upper and lower bounds of the channel. This pattern indicates that the upward trend is still valid, putting prices on a strong path for continued gains. If prices break through the upper limit of the channel with increased volume, the chances of an uptrend will significantly increase.
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In line with the one-hour chart analysis, the 15-minute chart also indicates a buy signal as the MA trends upward and Stochastic is in the oversold area, further enhancing the potential for a rise. According to the scenario, the Nasdaq has the potential to climb and test the resistance level of 21,730.
Technical References: buy as long as above 21,455
Potential Take Profit 1: 21,675
Potential Take Profit 2: 21,730
Potential Stop Loss 1: 21,518
Potential Stop Loss 2: 21,455
